Methodology rationaleArgus strives to construct methodologies that reflect the way the market trades. Argus aims to produce price assessments which are reliable indicators of commodity market values, free from distortion and representative of spot market values. As a result, the specific currencies, volume units, locations and other particulars of an as-sessment are determined by industry consensus to facilitate seam-less bilateral trade and Argus mirrors these industry conventions.
In the global crude markets, Argus reflects physical market prices employing a range of methodologies. These include time stamped bid/ask ranges, averages of deals done in a window, volume-weighted averages of deals done over the entire day as well as cu-mulative transaction averages across a month and cumulative daily averages. The rationale for each methodology will vary by market.
Argus often applies crude basis differentials to various prices – such as WTI and North Sea Dated – to arrive at fixed prices because this is a representative method of converting differential prices into fixed price assessments
When Argus uses a deals based approach for price identification deals must meet the minimum volume, delivery, timing, and speci-fication requirements in our methodology and the deals must be bona fide. The same requirements apply to most volume-weighted averages.
The time period used to produce representative price indications is that which in the opinion of Argus, following consultation with market participants, can be used to produce a reliable indicator of physical market value.
Argus will announce its publishing schedule in a calendar located at www.argusmedia.com. Argus may not assess prices on certain public holidays even when the exchanges are open, due to antici-pated illiquidity in the cash spot markets.
Survey processArgus price assessments are informed by information received from a wide cross section of market participants, including produc-ers, consumers and intermediaries. Argus reporters engage with the industry by proactively polling participants for market data. Argus will contact and accept market data from all credible market sources including front and back office of market participants and brokers. Argus will also receive market data from electronic trading platforms and directly from the back offices of market participants. Argus will accept market data by telephone, instant messenger, email or other means.
Argus encourages all sources of market data to submit all market data to which they are a party that falls within the Argus stated methodological criteria for the relevant assessment. Argus encour-ages all sources of market data to submit transaction data from back office functions when and where possible.
Throughout all markets, Argus is constantly seeking to increase the number of companies willing to provide market data. Report-ers are mentored and held accountable for expanding their pool of contacts. The number of entities providing market data can vary significantly from day to day based on market conditions. Should the number of entities providing market data repeatedly fall to a level that assessment quality may be affected, supervising editors will review the viability of the assessment.
For certain price assessments identified by local management, should�more�than�50pc�of�the�market�data�upon�which�the�as-sessment is based come from a single entity, then the supervising editor will engage in an analysis of the market data with the primary reporter to ensure that the quality and integrity of the assessment has not been affected.
Argus has committed to deliver many of our final published prices to clients by a particular deadline each day. Because compiling and confirming transactions and other market data in advance of this deadline is a lengthy process, price assessment procedures must be concluded well before that deadline. As a result, Argus has insti-tuted cut-off times for the submission of data by market participants. Argus will review all data received after the cut-off time and will make best efforts to include in the assessment process all verifi-able transactions and market data received after the cut-off time but reserves the right to exclude any market data from the process if received after the cut-off time.
Market data usageIn each market, Argus uses the methodological approach deemed to be the most reliable and representative for that market. Argus will utilise various types of market data in its methodologies, to include:
1. Transactions2. Bids and offers3. Other market information, to include spread values between
grades, locations, timings, and many other data.
In many markets, the relevant methodology will assign a relatively higher importance to transactions over bids and offers, and a relatively higher importance to bids and offers over other market information. Certain markets however will exist for which such a hierarchy would produce unreliable and non-representative price as-sessments, and so the methodology must assign a different relative importance in order to ensure the quality and integrity of the price assessment. And even in markets for which the hierarchy normally obtains, certain market situations will at times emerge for which the strict hierarchy would produce non-representative prices, requiring Argus to adapt in order to publish representative prices.
Verification of transaction dataReporters carefully analyse all data submitted to the price assess-ment process. This data includes transactions, bids, offers, vol-umes, counterparties, specifications and any other information that contributes materially to the determination of price. This high level
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of care applies regardless of the methodology employed. Specific to transactions, bids, and offers, reporters seek to verify the price, the volume, the specifications, location basis, and counterparty. In some transactional average methodologies, reporters also examine the full array of transactions to match counterparties and arrive at a list of unique transactions.
Several tests are applied by reporters in all markets to transactional data to determine if it should be subjected to further scrutiny. If a transaction has been identified as failing such a test, it will receive further scrutiny. For certain price assessments identified by local management, Argus has established internal procedures that involve escalation of inquiry within the source’s company and escalating review within Argus management. Should this process determine that a transaction should be excluded from the price as-sessment process, the supervising editor will initiate approval and, if necessary, documentation procedures.
Primary tests applied by reportersl Transactions not transacted at arms-length, including deals
between related parties or affiliates.l Transaction prices that deviate significantly from the mean of
all transactions submitted for that day.l Transaction prices that fall outside of the generally observed
lows and highs that operated throughout the trading day.l Transactions that are suspected to be a leg of another trans-
action or in some way contingent on an unknown transac-tion.
l Single deal volumes that significantly exceed the typical transaction volume for that market.
l Transaction details that are identified by other market partici-pants as being for any reason potentially anomalous.
l Transaction details that are reported by one counterparty differently than the other counterparty.
l Any transaction details that appear to the reporter to be illog-ical or to stray from the norms of trading behavior. This could include but is not limited to divergent specifications, unusual delivery location and counterparties not typically seen.
l Transactions that involve the same counterparties, the same price and delivery dates are checked to see that they are separate deals and not one deal duplicated in Argus records.
Secondary tests applied by editors for transactions identi-fied for further scrutiny
Transaction testsl The impact of linkage of the deal to possible other transac-
tions such as contingent legs, exchanges, options, swaps, or other derivative instruments. This will include a review of transactions in markets that the reporter may not be covering.
l The nature of disagreement between counterparties on transactional details.
l The possibility that a deal is directly linked to an offsetting trans-action that is not publicly known, for example a “wash trade” which has the purpose of influencing the published price.
l The impact of non-market factors on price or volume, includ-ing distressed delivery, credit issues, scheduling issues, demurrage, or containment.
Source testsl The credibility of the explanation provided for the outlying
nature of the transaction. l The track record of the source. Sources will be deemed
more credible if theyo Regularly provide transaction data with few errors.o Provide data by Argus’ established deadline. o Quickly respond to queries from Argus reporters. o Have staff designated to respond to such queries.
l How close the information receipt is to the deadline for in-formation, and the impact of that proximity on the validation process.
Assessment guidelines When insufficient, inadequate, or no transaction information exists, or when a transaction based methodology will not produce repre-sentative prices, Argus reporters will make an assessment of market value by applying intelligent judgment based on a broad array of factual market information. Reporters must use a high degree of care in gathering and validating all market data used in determin-ing price assessments, a degree of care equal to that applying to gathering and validating transactions. The information used to form an assessment could include deals done, bids, offers, tenders, spread trades, exchange trades, fundamental supply and demand information and other inputs.
The assessment process employing judgment is rigorous, replica-ble, and uses widely accepted valuation metrics. These valuation metrics mirror the process used by physical commodity traders to internally assess value prior to entering the market with a bid or offer. Applying these valuation metrics along with sound judgment significantly narrows the band within which a commodity can be as-sessed, and greatly increases the accuracy and consistency of the price series. The application of judgment is conducted jointly with the supervising editor, in order to be sure that guidelines below are being followed. Valuation metrics include the following:
Relative value transactionsFrequently transactions occur which instead of being an outright purchase or sale of a single commodity, are instead exchanges of commodities. Such transactions allow reporters to value less liquid markets against more liquid ones and establish a strong basis for the exercise of judgment.
l Exchange one commodity for a different commodity in the same market at a negotiated value.
l Exchange delivery dates for the same commodity at a nego-tiated value.
l Exchange a commodity in one location for the same com-modity at another location at a negotiated value.
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Bids and offersIf a sufficient number of bids and offers populate the market, then the highest bid and the lowest offer can be assumed to define the boundaries between which a deal could be transacted.
Comparative metrics The relative values between compared commodities are readily discussed in the market and can be discovered through dialogue with market participants. These discussions are the precursor to negotiation and conclusion of transactions.
l Comparison to the same commodity in another market centre.
l Comparison to a more actively traded but slightly different specification commodity in the same market centre.
l Analysis of prices in forward markets for physically deliver-able commodity that allow extrapolation of value into the prompt timing for the commodity assessed.
l Comparison to the commodity’s primary feedstock or pri-mary derived product(s).
l Comparison to trade in the same commodity but in a differ-ent modality (as in barge versus oceangoing vessel) or in a different total volume (as in full cargo load versus partial cargo load).
Throughout this methodology, Argus will explain, in more detail and on a market by market basis, the criteria and procedures that are used to make an assessment of market value by applying intelligent judgment.
Volume minimums and transaction data thresholdsIn establishing each methodology, Argus will list specific minimum volume for each assessment. Because of the varying transporta-tion infrastructure found in all commodity markets, Argus typically does not establish thresholds strictly on the basis of a count of transactions, as this could lead to unreliable and non-representative assessments. Instead, minimum volumes are typically established which may apply to each transaction accepted, to the aggregate of transactions, to transactions which set a low or high assessment or to other volumetrically relevant parameters.
For certain price assessments identified by local management, Ar-gus will seek to establish minimum transaction data thresholds and when no such threshold can be established Argus will explain the reasons. These thresholds will often reflect the minimum volumes necessary to produce a transaction-based methodology, but may also establish minimum deal parameters for use by a methodology that is based primarily on judgment.
Should no transaction threshold exist, or should submitted data fall below this methodology’s stated transaction data threshold for any reason, Argus will follow the procedures outlined elsewhere in this document regarding the exercise of judgment in the price assess-ment process.
Transparency and confidentialityArgus values transparency in energy markets. As a result, we pub-lish lists of deals in our reports that include price, basis, and volume information. The deal tables allow subscribers to cross check and verify the deals against the prices. Argus feels transparency and openness is vital to developing confidence in the price assessment process.
Argus asks for transaction counterparty names from contacts in order to confirm deals and to avoid double-counting in certain volume-weighted averages. In some markets, Argus does not publish counterparty names. In other markets, Argus does publish counterparty names in its reports.
Basis differentials and absolute prices In the global crude markets, prices are often negotiated bids, offers, and transaction values at differentials to futures prices or to refer-ence prices . Argus fixed prices are derived by adding the assessed differentials to the reference price.
Swaps and forwards marketsArgus publishes forward assessments for numerous markets. These include forward market contracts that can allow physical delivery and swaps contracts that swap a fixed price for the average of a floating published price.
Publications and price dataArgus global crude prices are published in the Argus Crude report. The Argus Americas Crude report contains a subset of these prices. Other Argus publications also include some Argus Americas Crude pricing data. The price data is available independent of the text-based report in electronic files that can feed into various databases. These price data are also supplied through various third-party data integrators. The Argus website also provides access to prices, reports and news with various web-based tools. All Argus prices are kept in a historical database and available for purchase. Contact your local Argus office for information.
Corrections to assessmentsArgus will on occasion publish corrections to price assessments after the publication date. We will correct errors that arise from cleri-cal mistakes, calculation errors, or a misapplication of our stated methodology. Argus will not retroactively assess markets based on new information learned after the assessments are published. We make our best effort to assess markets based on the information we gather during the trading day assessed.
Ethics and complianceArgus operates according to the best practices in the publishing field, and maintains thorough compliance procedures throughout the firm. We want to be seen as a preferred provider by our sub-scribers, who are held to equally high standards, while at the same
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time maintaining our editorial integrity and independence. Argus has a strict ethics policy that applies to all staff. The policy can be found on our website at www.argusmedia.com. Included in this policy are restrictions against staff trading in any energy commodity or energy related stocks, and guidelines for accepting gifts. Argus also has strict policies regarding central archiving of email and instant messenger communication, maintenance and archiving of notes, and archiving of spreadsheets and deal lists used in the price assessment process. Argus publishes prices that report and reflect prevailing levels for open-market arms length transactions (please see the Argus Global Compliance Policy for a detailed definition of arms length).
Consistency in the assessment processArgus recognises the need to have judgment consistently applied by reporters covering separate markets, and by reporters replacing existing reporters in the assessment process. In order to ensure this consistency, Argus has developed a programme of training and oversight of reporters. This programme includes:
1. A global price reporting manual describing among other things the guidelines for the exercise of judgment.
2. Cross-training of staff between markets to ensure proper holiday and sick leave backup. Editors that float between markets to monitor staff application of best practices.
3. Experienced editors overseeing reporting teams are involved in daily mentoring and assisting in the application of judg-ment for illiquid markets.
4. Editors are required to sign-off on all price assessments each day, thus ensuring the consistent application of judgment.
Review of methodologyThe overriding objective of any methodology is to produce price assessments which are reliable indicators of commodity market val-ues, free from distortion and representative of spot market values. As a result, Argus editors and reporters are regularly examining our methodologies and are in regular dialogue with the industry in order to ensure that the methodologies are representative of the physical market being assessed. This process is integral with reporting on a given market. In addition to this ongoing review of methodology, Argus conducts reviews of all of its methodologies and methodol-ogy documents on at least an annual basis.
Argus market report editors and management will periodically and as merited initiate reviews of market coverage based on a qualita-tive analysis that includes measurements of liquidity, visibility of market data, consistency of market data, quality of market data and industry usage of the assessments. Report editors will review:
l Appropriateness of the methodology of existing assessmentsl Termination of existing assessmentsl Initiation of new assessments
The report editor will initiate an informal process to examine viability. This process includes:
l Informal discussions with market participantsl Informal discussions with other stakeholdersl Internal review of market data
Should changes, terminations, or initiations be merited, the report editor will submit an internal proposal to management for review and approval. Should changes or terminations of existing assess-ments be approved, then formal procedures for external consulta-tion are begun.
Changes to methodologyFormal proposals to change methodologies typically emerge out of the ongoing process of internal and external review of the meth-odologies. Formal procedures for external consultation regarding material changes to existing methodologies will be initiated with an announcement of the proposed change published in the relevant Argus report. This announcement will include:
l Details on the proposed change and the rationalel Method for submitting comments with a deadline for sub-
missionsl Notice that all formal comments will be published after the
given consultation period unless submitter requests confi-dentiality
Argus will provide sufficient opportunity for stakeholders to analyse and comment on changes, but will not allow the time needed to follow these procedures to create a situation wherein unrepresenta-tive or false prices are published, markets are disrupted, or market participants are put at unnecessary risk. Argus will engage with industry throughout this process in order to gain acceptance of pro-posed changes to methodology. Argus cannot however guarantee universal acceptance and will act for the good order of the market and ensure the continued integrity of its price assessments as an overriding objective.
Following the consultation period, Argus management will com-mence an internal review and decide on the methodology change. This will be followed by An announcement of the decision published in the relevant Argus report, to include a date for implementation, publication of stakeholders’ comments that are not subject to confi-dentiality, and Argus’ response to those comments.
Updates to methodologyThe Argus Crude methodology is constantly updated and revised. The latest available methodology (which may supersede the one you are reading) is available at www.argusmedia.com.
Overview Argus provides an overview of the day’s crude market activity, highlighting changes in key crude prices and the price differences among the various regional crudes. The report discusses that day’s market activity with particular reference to the main crude bench-mark prices. The summary has a global scope, allowing readers to quickly understand the key market drivers.
Pricing tables
North Sea, Russia-Caspian, Mediterranean, west Africa The front page of Argus Crude contains duplicate assessments of the crude prices in the various regional sections. For the North Sea, Russian-Caspian (including fob netbacks) Mediterranean, and West Africa, prices are published as fixed price assessments and also shown as differentials to the benchmarks. The primary benchmark in the Atlantic Basin is Dated, but Dated itself is shown as a dif-ferential to the forward North Sea price (the “flat” price). The price methodology for these regions is described in the various regional sections below.
Mideast GulfThe Mideast Gulf table contains the price assessments made at 4:30pm�Singapore�time�for�front�month�Dubai,�front�month�Oman,�and the Abu Dhabi crude Murban.
The Dubai price is published as a fixed price assessment. The Oman price is published as a fixed price assessment and is also shown as a differential to Dubai swaps.
The Murban price is published as a fixed price assessment and also shown as a differential to the Abu Dhabi National Oil Company (Adnoc) OSP.
Asia-PacificThe Asia-Pacific table contains the price assessments made at 4:30pm�Singapore�time�for�Minas,�Tapis�and�North�West�Shelf�crudes.
The Indonesian Minas crude price is published as a fixed price as-sessment and as a differential to the Indonesian Crude Price (ICP).
Malaysian Tapis crude is published as a fixed price assessment and as a differential to the North Sea Dated and substitute Dated on UK holidays.
Australian North West Shelf condensate is published as a fixed price assessment and as a differential to North Sea Dated, and Substitute Dated on UK holidays (see Asia-Pacific section below).
ESPO Blend is published as a fixed price assessment and as a dif-ferential to Dubai swaps.
Sokol is published as a fixed price assessment and as a differential to Dubai swaps for the month of loading.
US pipelineThe US pipeline table contains the prices for LLS, Mars and the Argus Sour Crude Index™ (ASCI™) benchmark, LLS, Mars and ASCI prices are published as fixed price assessments and as differentials to the front month Nymex WTI settlement price.
Canada pipelineThe Canada pipeline table contains the prices for Canadian Syn-thetic and WCS, published as fixed price assessments.
Americas cargoesThe Americas cargoes table contains the prices for Alaskan North Slope and Colombian Vasconia, published as fixed price assessments.
Futures markets
Argus Crude shows market information from five world futures markets which trade crude oil. These futures exchanges are the London-based IntercontinentalExchange’s Brent contract (Ice Brent), the New York Mercantile Exchange’s Light Sweet Crude contract (Nymex WTI), the Tokyo-based Tocom Mideast Gulf crude contract, the Dubai Mercantile Exchange’s Oman contract and the Shanghai International Energy Exchange’s (INE) Medium Sour Crude Oil contract.
Argus Crude publishes representative price and market informa-tion from the futures exchanges including the Open, High, Low and Settle prices and where possible the estimated volume of trade.
Forward spreads
Argus Crude shows the North Sea/Dubai spreads for three months forward, the WTI/North Sea spreads for four months forward and the WTI/Dubai spreads for three months forward, timestamped at 4:30pm�London�time.�
Forward markets
The forward markets tables show prices in the forward markets and the intermonth spreads between the different monthly prices. They also show various exchange of futures for physicals prices and ex-changes for swaps prices. Various short-term swap price tables are shown. The section also contains pricing components that are used to calculate other Argus price assessments.
North Sea forward Singapore close The North Sea forward table for Singapore close shows prices for four�months�forward�in�the�forward�North�Sea�market�at�4:30pm�Singapore time. This market is the Brent forward market (with For-ties, Oseberg, Ekofisk or Troll substitutionality). It is called the North Sea forward market in Argus Crude to differentiate it from the 15-day Brent forward market that it replaced. This forward market trades in parallel to the Ice futures market in Brent as an over-the-counter market in Brent.
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The contract trades at fixed prices and also in the form of inter-month spreads. Argus assesses the prices for the forward North Sea months by applying the intermonth spread assessments to the first-month North Sea forward price. Argus uses the EFP differential and the front-month Ice Brent futures to assess first-month forward North Sea, including expiry day, except for the last three sessions in the life of the front-month futures contract. On these sessions, Argus uses second-month Ice Brent futures and the corresponding EFP differential (see Calculating North Sea Dated).
North Sea forward London closeThe forward North Sea London close table duplicates the Dated price and also shows prices for four months forward in the forward North�Sea�market�at�4:30pm�London�time.�This�market�is�the�Brent�forward market (with Forties, Oseberg, Ekofisk or Troll substitutional-ity). It is called North Sea forward in Argus Crude to differentiate it from the 15-day Brent forward market that it replaced. This forward market trades in parallel to the Ice futures market in Brent as an over-the-counter market in Brent. A weighted average of trade on the most liquid forward North Sea month is also the forward (or flat price) used in the calculation of the Dated assessment.
The forward North Sea market trades at fixed prices and also in the form of intermonth spreads. Argus assesses the price levels for these intermonth trades in the forward intermonths table on page 2 and uses these intermonth assessments to construct the fixed forward price assessments in the North Sea table.
The BFOE forward contract rolls on the last working day of the previous�month,�so�the�March�2015�forward�contract�will�roll�on�27�February. If this date falls on a weekend or holiday, then the roll date will fall on the previous workday. The last day of trade will be the first workday prior to the roll date.
Dubai Singapore closeArgus�quotes�forward�Dubai�for�four�months�forward�at�4:30pm�Singapore time. A more detailed explanation of the Argus Dubai methodology can be found in the Mideast Gulf section.
The components used in the calculation of the forward Dubai prices are the Dubai/Ice Brent EFS differentials, which Argus quotes for three months forward, and the Dubai Intermonths, which Argus quotes for three periods forward.
Dubai London closeArgus quotes the forward Dubai price for four months forward. These�prices�are�assessed�at�London�4:30pm�and�so�differ�from�the�Singapore�4:30pm�assessments.�
Dated to Ice Brent frontlineArgus quotes prices for the Dated to Frontline (DFL) market which trades the difference between the Dated assessment and the frontline Ice assessment. Argus quotes this market for four months forward, two quarters and one year forward.
The front DFL month will roll either on 18th of the month or up to four days after the 18th of the month, depending on liquidity.
WTI CushingWTI�is�assessed�on�a�cash�market�basis�at�1:30pm�Houston�time.�These prices reflect an intelligent assessment of the bid/ask range at the time stamp. Cash WTI rolls on the fourth business day follow-ing the expiry of the front-month Nymex Light Sweet crude futures contract.
North Sea
North Sea Dated is the main price benchmark against which other crudes are valued.
Argus North Sea Dated is derived from a methodology that involves the price of five grades, Brent, Forties, Oseberg, Ekofisk and Troll.
Calculating North Sea DatedArgus North Sea Dated is based on four building blocks: the for-ward price of crude, the contract for difference market, the prices for physical crude cargoes and a set of quality premiums.
TimingArgus�North�Sea�Dated�is�based�on�a�period�starting�10�days�after�the date of assessment and ending on the same day the following month.�This�is�referred�to�as�the�10�days-month�ahead�period.�For�example, on 6 February, the pricing period begins on 16 February and ends on 6 March.
A North Sea Dated month-ahead calendar is available online, il-lustrating the start and the end of the North Sea Dated assessment period and the cargo loading dates that may be delivered to settle forward contracts on each working day of the year. Click here to view the calendar.
The forward priceThe first building block from which the North Sea Dated assessment is derived is the forward price. It is the price for Brent crude (with Forties, Oseberg, Ekofisk and Troll substitutionality) for loading in a future calendar month.
The forward price is typically a volume-weighted average of the most actively traded North Sea forward month (partial and full cargo)�between�4:29�and�4:30pm�London�time.�
If�less�than�100,000�bl�of�North�Sea�forward�trade�is�reported�for�the�time period, the forward price is the assessed value of an exchange of futures for physical (EFP) contract and the prevailing Ice Brent futures price, as reported by Ice as the Ice 1 minute marker.
In the absence of an Ice 1-minute marker, Argus will calculate a suit-able replacement.
In the last three sessions in the life of the front-month futures contract Argus uses second-month Ice Brent futures and the corresponding EFP differential.
Contracts for differenceThe second building block is the contracts for difference market, which is used to transform the North Sea forward price described above�into�an�Anticipated�Dated�price�for�the�10�days-month�ahead period.
Argus assesses the price of contracts for difference (CFDs) — between the monthly forward price discussed above and an anticipated value of the�Dated�benchmark�—�for�each�day�in�the�10�day-month�ahead�as-sessment period, including weekends, based on the published Argus assessment of weekly CFD prices. Argus uses the assessed price of CFDs and the forward price to calculate the Anticipated Dated price.
Physical crude differentialsThe third building block is the price of physical cargoes of Brent, Forties, Oseberg, Ekofisk and Troll expressed as a differential to the Anticipated Dated price at the time of loading.
Argus uses these differentials to construct a price curve for each of Brent, Forties, Oseberg, Ekofisk and Troll, with a value for each day in�the�10�days-month�ahead�forward�period.�See�the�explanation�of�North Sea differentials below.
Quality premiumsThe fourth building block is a set of quality adjustments that make Ekofisk, Oseberg and Troll prices comparable with those of Brent and Forties.
Argus publishes quality premiums for Oseberg, Ekofisk and Troll and takes them into account in the Argus North Sea Dated assessment process.Argus publishes the relevant quality premiums for Oseberg, Ekofisk and Troll on the first publishing day of each month. The quality pre-miums are applied to cargoes loading in the following month.
For�example,�the�quality�premium�announced�on�1�May�2018�was�applied to June loading cargoes.
The�quality�premium�for�each�grade�is�calculated�as�60pc�of�the�difference between the price of that grade and the most competitive benchmark grade in the second month prior to the month of loading.
Final Argus North Sea Dated calculationFor�each�day�in�the�10�day-month�ahead�forward�period,�including�weekends, the lowest priced of the following benchmark grades is selected.
The�average�of�those�lowest�selected�prices�for�the�10�days-month ahead period is the Dated price.
Argus New North Sea Dated Argus also publishes Argus New North Sea Dated a variant to Argus North Sea Dated that includes the price of WTI traded on a cif Rotterdam basis.
Argus New North Sea Dated is constructed in the same way as the above description of Argus North Sea Dated, with two exceptions related to the timing of the cif Rotterdam components and the freight component required to convert cif Rotterdam prices into those comparable with the fob North Sea prices for Brent, Forties, Oseberg, Ekofisk and Troll.
Argus North Sea Dated calculationDate of assessment: 29 June 2021 Brent Forties Oseberg Ekofisk Troll
TimingCif Rotterdam assessments are based on a period starting 12 days after the date of assessment and ending on the same day plus two the following month, to align with the timing of Argus North Sea Dated plus the two days’ distance between Rotterdam and a virtual North Sea fob loading location.
This trade is brought back in time by two days to align with the North Sea�fob�grades’�10�days-month�ahead�forward�period.�For�example,�on 6 February, the cif Rotterdam pricing period begins on 18 Febru-ary and ends on 8 March. A trade done for Rotterdam arrival on 19 February would be considered as a 17 February-loading trade for the purpose of inclusion in the Argus North Sea Dated assessment and would�fall�within�the�10�days-month�ahead�forward�period.
FreightArgus also adjusts the cif Rotterdam components of Argus New North Sea Dated by removing from the delivered prices the nomi-nal cost of moving crude from the Brent, Forties, Oseberg, Ekofisk and Troll loading terminals to Rotterdam.
This�freight�rate�is�calculated�as�80pc�of�the�cost�of�freight�between�Rotterdam and the virtual loading point based on the average of the Argus�UK-UK�continent�freight�rate�in�the�10�previous�publishing�days.
Argus converts the published rate from $/t to $/bl using a conver-sion factor of 7.42.
Argus�publishes�the�running�10-day�average�of�the�freight�rate�for�benchmark adjustment purposes to enable market participants to see the value in the Argus Crude report and on the Argus Crude Oil Bulletin Board in advance and therefore what trade in cif Rotter-dam cargoes will mean for benchmarking purposes.
Quality adjustmentsArgus deducts a quality adjustment from the prices for Ekofisk, Ose-berg and Troll. As with Argus North Sea Dated, the quality adjust-ment�for�each�grade�is�calculated�as�60pc�of�the�difference�between�the price of that grade and the most competitive benchmark grade in the second month prior to the month of loading. Note, the quality adjustments for Argus New North Sea Dated will not necessar-
ily match those used in the calculation of Argus North Sea Dated because of the different slate of crudes employed in the calculation of each benchmark.
North Sea Dated+JSArgus also publishes an alternative North Sea Dated variant that in-cludes the price of Norway’s Johan Sverdrup crude. Argus North Sea Dated+JS is constructed in the same way as Argus North Sea Dated, with the addition of a quality-adjusted Johan Sverdrup assessment.
Quality premiumsNorth Sea Dated+JS uses the same quality premiums for Oseberg, Ekofisk and Troll as are used in the North Sea Dated calculation. The quality premium for each of Oseberg, Ekofisk and Troll�is�calculated�as�60pc�of�the�difference�between�the�price�of�that grade and the most competitive of Brent, Forties, Oseberg, Ekofisk and Troll in the second month prior to the month of load-ing.�The�Johan�Sverdrup�quality�premium�is�calculated�as�140pc�of�the difference between the price of Johan Sverdrup and the most competitive of Brent, Forties, Oseberg, Ekofisk and Troll in the second month prior to the month of loading.
Final Argus North Sea Dated+JS calculation For�each�day�in�the�10�day-month�ahead�forward�period,�including�weekends, the lowest priced of Brent, Forties, Oseberg (with quality premium applied), Ekofisk (with quality premium applied), Troll (with quality premium applied) and Johan Sverdrup (with quality premium applied) is established. The average of those lowest selected prices for�the�10�day-month�ahead�period�is�the�Dated+JS�price.
North Sea differentialsArgus assesses the physical grade differential for each working day of�the�10�days-month�ahead�assessment�period�for�Brent,�Forties,�Oseberg,�Ekofisk�and�Troll�and�for�the�whole�of�the�10�days-month�ahead period for other grades. Argus identifies the physical price differentials�at�4:30pm�for�each�loading�date�which�has�market�depth�at�4:30pm�and�will�use�information�gathered�throughout�the�day to make inferred price assessments for every loading day of the�10�days-month�ahead�assessment�period.�Argus�will�take�into�account price movements beyond the assessment period when the bulk of trade in a given month moves beyond these parameters.
To be considered for inclusion in the differential assessments
New cif bids or offers must be placed no later than 3.45pm London timeNew�fob�bids�or�offers�must�be�placed�no�later�than�4.10pm�Lon-don timeChanges to bids or offers must be made no later than 4.25pm London timeTrades�must�be�made�no�later�than�4.30pm�London�time.
The prices for North Sea grades of crude oil are established by add-ing the current Argus North Sea Dated price to the current market differential for that grade of crude. Formulas for Dated-related crudes are an indication of the differential to Dated around bill of lading assessed as achievable on the day of the report. Argus does not con-sider ship-to-ship transfers when assessing the grade differentials.
Cif tradeArgus includes trade done on a cif Rotterdam basis in assessing the fob price of the benchmark grades.
Offers or deals done on a cif basis will take precedence over fob activity for the same days.
Trades done on a cif Rotterdam basis are brought back two days in�time�to�align�with�the�10�days-month�ahead�forward�period�of�the�fob assessment.
To be considered for inclusion in the assessment, market information must be for delivery during a period starting 12 days after the date of assessment and ending on the same day plus two the following month.
FreightArgus also adjusts cif Rotterdam prices the nominal cost of moving crude from the Brent, Forties, Oseberg, Ekofisk and Troll loading terminals to Rotterdam.
This�freight�rate�is�calculated�as�80pc�of�the�cost�of�freight�between�Rotterdam and the loading point based on the average of the Argus UK-UK�continent�freight�rate�in�the�10�previous�publishing�days.
Differentials are assessed and outright prices calculated for:BrentFortiesOsebergEkofiskTroll Statfjord cif RotterdamStatfjord fob platform - note: no modifications are made to the prevailing premium or discount in respect of freight arrangements.Gullfaks cif RotterdamGullfaks fob platform - note: no modifications are made to the prevailing premium or discount in respect of freight arrange-ments.Flotta GoldGraneJohan Sverdrup
Argus also publishes the component values for Brent, Forties, Os-eberg (with quality premium applied), Ekofisk (with quality premium applied) and Troll that are used to calculate the price of Argus North Sea Dated. The component values for these crudes are not necessarily the same as the prices for these crudes, as the prices are calculated by adding the market premium for the grade to the current Argus North Sea Dated value and the component values are calculated by adding the same market premium to the Anticipated Dated value.
cif Rotterdam assessmentsArgus also assesses a number of non-North Sea grades arriving in the Rotterdam area on a cif basis. Prices are assessed in the same way as the North Sea differentials described above, as a differential to Argus North Sea Dated.
TimingCif Rotterdam assessments are based on a period starting 12 days after the date of assessment and ending on the same day plus two the following month, to align with the timing of Argus North Sea Dated plus the two days’ distance between Rotterdam and Hound Point.
For example, on 6 February, the cif Rotterdam pricing period begins on 18 February and ends on 8 March.
WTI Houston cif Rotterdam is assessed and published for two delivery periods, the 12 days to month-ahead plus two days period described above and a second period starting the following day — one month and three days after the date of assessment — and ending�60�days�after�the�date�of�assessment.
North Sea EFPArgus publishes the North Sea EFP, or the exchange of futures for physical�price,�which�is�the�traded�differential�between�600,000�bl�of Ice Brent futures and an equivalent volume of equivalent month North Sea forward contracts.
Ice BwaveArgus also shows the Bwave price for three months forward. This is a weighted average of trade on the Ice Brent contract on the previ-ous working day as calculated by the IntercontinentalExchange. It is used as a component in the Saudi Aramco formula for crude sales into Europe. Argus shows the Saudi Formula Base price which is derived from the Bwave that is the underlying price in its sales for-mula to European customers. The same formula is used by Kuwait and Iran in sales to European customers.
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Ice minute markersArgus shows the Ice 1 minute marker price which is a weighted av-erage�of�trade�on�the�Ice�Brent�contract�between�4:29�and�4:30pm�for two months forward as calculated by the IntercontinentalEx-change.
Dated CFDsArgus quotes prices for North Sea Dated CFDs, timestamped at 12:00pm�and�at�4:30pm�London�time.�These�are�contracts�for�dif-ference (or short-term swaps) for Dated against forward North Sea contracts. These North Sea Dated CFD prices are expressed as differentials to forward North Sea for six weekly periods forward.
IntermonthsThe forward North Sea market rarely trades at fixed prices. Instead, most trade is in the form of intermonth trades. Argus assesses the price levels for these intermonth trades in the forward intermonths table and uses these intermonth assessments to construct the fixed forward price assessments in the North Sea table on page 3.
North Sea calculationsThe North Sea calculations table shows how the component parts of Dated are used to derive the benchmark price.
North Sea basis (flat price) is a weighted average of forward North�Sea�trade�in�the�minute�leading�up�to�4:30pm�London�time.�In�the absence of reported trade, the Ice Brent, or Ice Brent NX, minute marker and an EFP are used.
Anticipated Dated was previously called Argus Synthetic BFO. It is an�average�of�the�prices�10�days-month�ahead�that�are�anticipated�by the market for Dated as derived from the CFD market.
The Brent, Forties, Oseberg (with quality premium applied), Ekofisk (with quality premium applied) and Troll components are�the�average�prices�10�days-month�ahead�using�the�Argus�Dated�methodology. The lowest of these components sets Argus Dated (see Calculating North Sea Dated).
Argus alternative Dated illustrationsArgus publishes an alternative Dated illustration: Argus Dated Average, an average of the Brent, Forties, Oseberg, Ekofisk and Troll components.
Crude sulphur de-escalatorThe Argus sulphur de-escalator is an assessment of the relative val-ue of sulphur in crude delivered into northwest Europe. The Argus sulphur de-escalator is assessed on the first trading day of each month. Argus bases its assessment on the difference in the value of sulphurous crudes and non-sulphurous crudes traded in Europe in the previous month. In line with industry practice, the sulphur de-escalator�is�expressed�in�¢/bl�per�0.1pc�weight�of�sulphur.
Russia-Caspian
Argus assesses the price for a variety of Russian and Caspian crudes transported by ship to Rotterdam and Augusta, Italy, and by pipeline to central Europe. Argus also calculates netback values to the loading terminals for several crudes.
Russian and Caspian crude prices are calculated using the differen-tials to the current Dated price. The grade differentials are assessed during�the�course�of�the�day�with�a�cut�off�at�5:30pm�London�time.�The current differentials and current Dated assessments are added together to generate the grade assessment.
Argus conducts quarterly surveys of market participants and survey-ors as well as using quality certificates for loaded cargoes to ascer-tain average Urals gravity and sulphur content over the quarter. The average arrived at by this method will be applied to crude loading in the following quarter.
The timing varies by assessment, see the table below.
Russian-Caspian assessmentsThe Urals NWE assessment is the price of Urals, or Russian export blend crude. The value of Urals NWE is calculated by applying the market differential of Urals cif northwest Europe to the Dated value. The prevailing market differential is also published separately.
The Urals Med Aframax assessment is the price of Urals, or Russian export blend crude. The value of Urals Med Aframax is calculated by applying the market differential of Urals cif Augusta to the current Dated value. The prevailing market differential is also published separately. The Urals cif Augusta assessment is of the market�price�of�80,000-100,000t�cargoes.�Preloaded�cargoes�will�be considered in the Urals Med Aframax assessment, if a buyer ac-cepts a preloaded cargo as meeting its requested loading dates.
The Urals Med Suezmax assessment is the price of Urals, or Russian export blend crude. The value of Urals Med Suezmax is calculated by applying the market differential of Urals cif Augusta to the current Dated value. The prevailing market differential is also published separately. The Urals cif Augusta assessment is of the market�price�of�140,000t�cargoes.�Preloaded�cargoes�will�be�con-sidered in the Urals Med Suezmax assessment, if a buyer accepts a preloaded cargo as meeting its requested loading dates.
The Siberian Light assessment is the price of Siberian Light, a Russian export blend. The value of Siberian Light is calculated by applying the market differential of Siberian Light cif Augusta to the current Dated value. The prevailing market differential is also pub-lished separately.
The CPC Blend assessment is the price of CPC Blend, a Kazakh export blend. The value of CPC Blend is calculated by applying the market differential of CPC Blend cif Augusta to the current Dated value. The prevailing market differential is also published separately.
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The BTC assessment is the price of BTC origin crude. BTC is the Baku-Tbilisi-Ceyhan pipeline which has its terminal at Ceyhan, Turkey. The value of the BTC crude is calculated by applying the market differential of BTC cif Augusta to the current Dated value. The prevailing market differential is also published separately.
The Azeri Light assessment is the price of Azeri Light, a crude from Azerbaijan. The value of Azeri Light is calculated by applying the mar-ket differential of Azeri Light cif Augusta to the current Dated value. The prevailing market differential is also published separately. In the absence of trade, Azeri Light is assessed in relation to BTC.
The Urals fob Primorsk netback is calculated from the price of Urals NWE, netted back to Primorsk. The Urals Primorsk fob net-back is derived from the Urals cif northwest Europe assessment net-ted back for freight, insurance and ice/towage fees. The freight cost is�for�100,000t�vessels�and�is�assessed�daily�based�on�spot�freight�rates from the Argus Freight report (see Argus Freight methodolo-gy). The ice/towage fees are calculated in roubles/GT and convert-ed into dollars/bl. Insurance costs are calculated as a percentage of the outright cif price. The netback does not include transportation losses, ballast, port demurrage, commissions, bank loan expenses or market structure. The netback also does not include the addi-tional fixed rate differential added for voyages within the Baltic and North Sea Sulphur Oxide Emissions Control Area (SECA) as men-tioned by Worldscale. There is a “Rotterdam charge” added to the freight�cost,�assuming�standard�cargo�sizes�of�100,000t�and�vessels�with�gross�tonnage�of�60,000GT.�
The Urals fob Ust-Luga netback is calculated from the price of Urals NWE, netted back to Ust-Luga. The Urals Ust-Luga fob netback is derived from the Urals cif northwest Europe assess-ment netted back for freight, insurance and ice/towage fees. The freight�cost�is�for�100,000t�vessels�and�is�assessed�daily�based�on�spot freight rates from the Argus Freight report (see Argus Freight methodology). The ice/towage fees are calculated in roubles/GT and converted into dollars/bl. Insurance costs are calculated as a percentage of the outright cif price. The netback does not include transportation losses, ballast, port demurrage, commissions, bank loan expenses or market structure. The netback also does not include the additional fixed rate differential added for voyages within the Baltic and North Sea Sulphur Oxide Emissions Control Area (SECA) as mentioned by Worldscale. There is a “Rotterdam charge” added to the freight cost, assuming standard cargo sizes of�100,000t�and�vessels�with�gross�tonnage�of�60,000GT.�
The Urals fob Novorossiysk Aframax netback is calculated from the price of Urals Med Aframax, netted back to Novorossiysk. The Urals fob Novorossiysk Aframax netback is derived from the Urals cif Mediterranean assessment netted back for freight, insurance and�demurrage�costs.�The�freight�cost�is�for�80,000t�vessels�and�is�assessed daily based on spot freight rates from the Argus Freight report (see Argus Freight methodology). Insurance costs are cal-culated as a percentage of the outright cif price. Demurrage costs are assessed daily and multiplied by the number of days delay in both directions, north bound and south bound, in the Turkish Straits above two days. The netback does not include transportation losses, ballast, port demurrage, commissions, bank loan expenses or market structure.
The Urals fob Novorossiysk Suezmax netback is calculated from the price of Urals Med Suezmax, netted back to Novorossiysk. The Urals fob Novorossiysk Suezmax netback is derived from the Urals cif Mediterranean assessment netted back for freight, insur-ance�and�demurrage�costs.�The�freight�cost�is�for�140,000t�vessels�and is assessed daily based on spot freight rates from the Argus Freight report (see Argus Freight methodology). Insurance costs are calculated as a percentage of the outright cif price. Demurrage costs are assessed daily and multiplied by the number of days de-lay in both directions, north bound and south bound, in the Turkish Straits above two days. The netback does not include transportation losses, ballast, port demurrage, commissions, bank loan expenses or market structure.
The Urals 80,000t cif Black Sea netback is calculated from the Urals fob Novorossiysk netback index with added freight costs to the Black Sea ports of Constantza/Media (Romania) and Burgas (Bulgaria). The Urals Novorossiysk fob netback is derived from the Urals cif Mediterranean assessment netted back for freight, insurance�and�demurrage�costs.�The�freight�cost�is�for�80,000t�vessels and is assessed daily based on Black Sea-Med spot freight rates from the Argus Freight report applied to average flat rate for Novorossiysk-Constantza and Novorossiysk-Burgas routes (see Argus Freight methodology). Insurance costs are calculated as a percentage of the cif Black Sea price. The netback does not include transportation losses, ballast, port demurrage, commissions, bank loan expenses or market structure.
The CPC Blend fob Terminal netback is calculated from the price of CPC Blend, netted back to the CPC terminal near Novorossiysk, adjusted for other costs. The CPC Terminal fob netback is derived from the CPC Blend cif Augusta assessment netted back for freight, insurance�and�demurrage�costs.�The�freight�cost�is�for�80,000t�vessels and is assessed daily based on spot freight rates from the Argus Freight report (see Argus Freight methodology). Insur-ance costs are calculated as a percentage of the outright cif price. Demurrage costs are assessed daily and multiplied by the number of days delay in both directions, north bound and south bound, in the Turkish Straits above two days. The netback does not include transportation losses, ballast, port demurrage, commissions, bank loan expenses or market structure.
The BTC fob Ceyhan quotation is an assessment but in the absence of strong trading indications will be based on a BTC fob netback derived from the BTC cif Augusta assessment netted back for�freight�and�insurance�costs.�The�freight�cost�will�be�for�80,000t�vessels and will be assessed daily based on spot freight rates from the Argus Freight report (see Argus Freight methodology). Insur-ance costs are calculated as a percentage of the outright cif price.
The Azeri Light fob Supsa netback is calculated from the price of Azeri Light, netted back to Supsa, adjusted for other costs. The Azeri Light fob netback is derived from the Azeri Light cif Augusta assessment netted back for freight, insurance and demurrage costs.�The�freight�cost�is�for�80,000t�vessels�and�is�assessed�daily�based on spot freight rates from the Argus Freight report (see Argus Freight methodology). Insurance costs are calculated as a percent-
age of the outright cif price. Demurrage costs are assessed daily and multiplied by the number of days delay in the Turkish Straits above two days. The netback does not include transportation losses, ballast, port demurrage, commissions, bank loan expenses or market structure.
Russia-Caspian retrospective assessmentsThese assessments are based on the publication date’s North Sea Dated added to the average of the fob differentials published over the retrospective period during which cargoes for loading that day are likely to have traded. They give the approximate price that a cargo loading on the day of publication could be expected to achieve.
The Urals fob Primorsk retrospective assessment is based on the publication date’s North Sea Dated added to the average of the�Urals�fob�Primorsk�differentials�for�working�days�in�a�10-25�day�period before the publication date.
The Urals fob Ust-Luga retrospective assessment is based on the publication date’s North Sea Dated added to the average of the�Urals�fob�Ust-Luga�differentials�for�working�days�in�a�10-25�day�period before the publication date.
The Urals fob Novorossiysk Aframax retrospective assessment is based on the publication date’s North Sea Dated added to the average of the Urals fob Novorossiysk differentials for working days in�a�10-25�day�period�before�the�publication�date.
The CPC Blend fob CPC Terminal retrospective assessment is based on the publication date’s North Sea Dated added to the average of the CPC Blend fob CPC Terminal differentials for working days�in�a�10-30�day�period�before�the�publication�date.
Druzhba pipeline pricesArgus publishes monthly price assessments for inland deliver-ies of Russian Urals crude to refineries in eastern Europe by the Druzhba (Friendship) pipeline. Prices reflect competitive spot and term deals between the last Russian seller and the first independ-ent buyer — trader or refiner. Argus establishes a buy-sell range based on the lowest price level of the market. Prices on the Dru-zhba line are usually established in the first week of a month for the past month’s supplies.
Monthly price assessments are derived retrospectively from prices agreed between buyers and sellers to determine the dif-ferential to North Sea Dated based on formulas linking Druzhba and seaborne Urals prices. The monthly differentials emerge at the be-ginning of the following month. So the July differentials to Dated for Druzhba appear at the beginning of August. Argus assesses the low and high differential to Dated for different locations on the Druzhba pipeline, based on the lowest and highest trades for a given month. These are combined with an average of Dated values over the ap-propriate month to give an outright price.
The Druzhba Slovakia assessment is the price of Urals fit Budko-vce for delivery to Slovakia along the Druzhba pipeline at first point of export. The value of Druzhba Slovakia is calculated by applying
a low and high differential of Druzhba Slovakia to the Dated value for the previous month. The prevailing market differentials are also published separately.
The Druzhba Hungary assessment is the price of Urals fit Fe-nyeslitke for delivery to Hungary along the Druzhba pipeline at first point of export. The value of Druzhba Hungary is calculated by ap-plying a low and high differential of Druzhba Hungary to the Dated value for the previous month. The prevailing market differentials are also published separately.
The Druzhba Poland assessment is the price of Urals fit Ada-mowo for delivery to Poland along the Druzhba pipeline at first point of export. The value of Druzhba Poland is calculated by applying a low and high differential of Druzhba Poland to the Dated value for the previous month. The prevailing market differentials are also published separately.
The Druzhba Germany assessment is the price of Urals fit Ada-mowo for delivery to Germany along the Druzhba pipeline at first point of export. The value of Druzhba Germany is calculated by ap-plying a low and high differential of Druzhba Germany to the Dated value for the previous month. The prevailing market differentials are also published separately.
Mediterranean
Argus assesses a variety of sweet and sour grades of crude in the Mediterranean. The crudes chosen are not only those for which there is open spot market activity but also those that allow price comparisons on sulphur and other specifications. The published prices are not meant to be official selling prices. Official selling prices will also be published in Argus Crude and clearly labelled as such.
Mediterranean crude prices are calculated using the differentials to the current North Sea Dated price. The methodology behind the Dated assessment can be found in the North Sea section and on www.argusmedia.com. The grade differentials are assessed during the�course�of�the�day�with�a�cut�off�time�at�5:30pm�London�time.�The current differentials and current Dated assessments are added together to generate the grade assessment.
The timing of the price assessments is for an average price in the period�10-25�days�ahead�except�for�Saharan�Blend,�which�is�for�an�average of 15-35 days ahead.
Mediterranean assessmentsThe value of Saharan Blend, an Algerian crude, fob Arzew, is calculated by applying the market differential of Saharan Blend to the current Dated value. The prevailing market differential is also published separately.
The value of Zarzaitine, an Algerian crude, fob Tunisia, is calculated by applying the market differential of Zarzaitine to the current Dated value. The prevailing market differential is also published separately.
The value of Es Sider, a Libyan crude, fob Libya, is calculated by applying the market differential of Es Sider to the current Dated value. The prevailing market differential is also published separately. In the absence of trade, the differential will be left unchanged.
The value of Kirkuk, an Iraqi crude, fob Ceyhan, is calculated by applying the market differential of Kirkuk to the current Dated value. In the absence of trade, the Kirkuk assessment will be left unchanged.
The value of Basrah Medium, an Iraqi crude, fob Basrah Oil Termi-nal (BOT) for European destinations, is calculated by applying the market differential to the official formula price and the current Dated value. The prevailing market differential is also published separately.
The value of Basrah Heavy, an Iraqi crude, fob Basrah Oil Terminal (BOT) for European destinations, is calculated by applying the market differential to the official formula price and the current Dated value. The prevailing market differential is also published separately.
The value of Iran Light, an Iranian crude, fob Sidi Kerir is assessed using the official formula price, the prevailing Dated-to-Frontline (DFL) value (the difference between North Sea Dated and Ice Brent futures on a calendar month basis) for the appropriate month and changes in the value of the Urals Med Aframax assessment. The prevailing market differential to the Dated value is also published separately.
The value of Iran Heavy, an Iranian crude, fob Sidi Kerir, is as-sessed using the official formula price, the prevailing Dated-to-Frontline (DFL) value (the difference between North Sea Dated and Ice Brent futures on a calendar month basis) for the appropriate month and changes in the value of the Urals Med Aframax assess-ment. The prevailing market differential to the Dated value is also published separately.
The value of Suez Blend, an Egyptian crude, fob Ras Shukeir, is assessed using the official formula price and changes to the Urals Med Aframax assessment. The prevailing market differential to the Dated value is also published separately.
Official formula pricesArgus also publishes official formula prices for crude from Algeria, Syria and Libya. These are expressed as differentials to Dated or Urals in the Mediterranean for a given loading month and are set by national oil companies.
Argus assesses a variety of west African crudes. The crudes chosen are not only those for which there is open spot market activity but also those that allow price comparisons among the various grades. The published prices are not meant to be official formula prices. Official formula prices will also be published in Argus Crude and clearly labelled as such.
West African crude prices are calculated using the differentials to the current North Sea Dated price. The methodology behind the Dated assessment can be found in the North Sea section and on www.argusmedia.com. The grade differentials are assessed during the�course�of�the�day�with�a�cut�off�time�at�5:30pm�London�time.�The current differentials and current Dated assessments are added together to generate the grade assessment. The timing of the Nige-rian�price�assessments�is�for�an�average�price�in�the�period�20-45�days ahead. The timing of the Angolan price assessments is for an average�price�in�the�period�25-60�days�ahead.
West Africa assessmentsThe value of Agbami, a Nigerian crude, is calculated by applying the market differential of Agbami to the current Dated value. The prevailing market differential is also published separately.
The value of Amenam, a Nigerian crude, is calculated by applying the market differential of Amenam to the current Dated value. The prevailing market differential is also published separately.
The value of Bonga, a Nigerian crude, is calculated by applying the market differential of Bonga to the current Dated value. The prevail-ing market differential is also published separately.
The value of Bonny Light, a Nigerian crude, is calculated by apply-ing the market differential of Bonny Light to the current Dated value. The prevailing market differential is also published separately.
The value of Brass River, a Nigerian crude, is calculated by apply-ing the market differential of Brass River to the current Dated value. The prevailing market differential is also published separately.
The value of Egina, a Nigerian crude, is calculated by applying the market differential of Egina to the current Dated value. The prevail-ing market differential is also published separately.
The value of Erha, a Nigerian crude, is calculated by applying the market differential of Erha to the current Dated value. The prevailing market differential is also published separately.
The value of Escravos, a Nigerian crude, is calculated by applying the market differential of Escravos to the Dated value. The prevailing market differential is also published separately. The value of Forcados, a Nigerian crude, is calculated by applying the market differential of Forcados to the current Dated value. The prevailing market differential is also published separately.
The value of Qua Iboe, a Nigerian crude, is calculated by applying the market differential of Qua Iboe to the current Dated value. The prevailing market differential is also published separately.
The value of Usan, a Nigerian crude, is calculated by applying the market differential of Usan to the current Dated value. The prevailing market differential is also published separately.
The value of Cabinda, an Angolan crude, is calculated by applying the market differential of Cabinda to the current Dated value. The prevailing market differential is also published separately.
The value of Dalia, an Angolan crude, is calculated by applying the market differential of Dalia to the current Dated value. The prevailing market differential is also published separately.
The value of Girassol, an Angolan crude, is calculated by applying the market differential of Girassol to the current Dated value. The prevailing market differential is also published separately.
The value of Hungo, an Angolan crude, is calculated by applying the market differential of Hungo to the current Dated value. The prevailing market differential is also published separately.
The value of Kissanje, an Angolan crude, is calculated by applying the market differential of Kissanje to the current Dated value. The prevailing market differential is also published separately.
The value of Mostarda, an Angolan crude, is calculated by applying the market differential of Mostarda to the current Dated value. The prevailing market differential is also published separately.
The value of Nemba, an Angolan crude, is calculated by applying the market differential of Nemba to the current Dated value. The prevailing market differential is also published separately.
The value of Zafiro, a crude from Equatorial Guinea, is calculated by applying the market differential of Zafiro to the current Dated value. The prevailing market differential is also published separately.
The value of Jubilee, a Ghanaian crude, is calculated by applying the market differential of Jubilee to the current Dated value. The prevailing market differential is also published separately.
The value of Doba, a Chadian crude, is calculated by applying the mar-ket differential of Doba to the current Dated value. The prevailing market differential is also published separately.
The value of Djeno, a Congolese (Brazzaville) crude, is calculated by applying the market differential of Djeno to the current Dated value. The prevailing market differential is also published separately.
Nigerian official formula pricesArgus also publishes official formula prices for crude from Nigeria. These are expressed as differentials to Dated for a given loading month and are set by Nigeria’s national oil company NNPC.
DubaiArgus assesses the price of physical Dubai crude for four forward months. Front-month physical Dubai is for cargoes loading two months from the month of publication. For example, on 21 Septem-ber, the front month is November and prices are published for crude loading in November, December, January and February. On 1 Octo-ber, the front month becomes December and prices are published for crude loading in December, January, February and March.
The physical price of Dubai crude is assessed using two or three components, depending on the forward month being assessed — the price of Ice Brent futures, the price of Brent-Dubai exchange of futures for swaps (EFS) and the price spreads between forward months in the Dubai swaps market.
This approach reflects the way in which the market manages Dubai price exposure by linking the price of Dubai crude to one of the world’s most liquid exchange-traded futures contracts, Ice Brent, and the active trade in Brent-Dubai EFS and Dubai swaps.
Two of the components of the physical Dubai price assessment are assessed by Argus reporters — the price of the Brent-Dubai EFS con-tract�at�4.30pm�Singapore�time,�and�the�price�spreads�between�for-ward�months�in�the�Dubai�swaps�market�at�4.30pm�Singapore�time.�
The�Ice�Brent�futures�price�component�is�the�Ice�Brent�4.30pm�Singapore one-minute marker, a weighted average of trades done for�the�month�of�loading�during�a�one-minute�period�from�16:29:00�to�16:30:00�local�Singapore�time.�
Typically, and due to the relative liquidity of the underlying Brent-Dubai EFS and Dubai swaps markets, the physical Dubai price for the third forward month (four months from the date of publication) is assessed using the corresponding Ice Brent futures price and the Brent-Dubai EFS price. The physical Dubai price for the first, second and fourth forward months are assessed using the physical Dubai price for the third forward month and the price of spreads between forward months in the Dubai swaps market.
Example (forward month three): On 21 September: The Ice Brent futures price for November minus the Brent-Dubai EFS price for November results in the Dubai swap price for November. Dubai swaps are settled against prices for cargoes loading two months after the date of trade.
In this example, the Brent-Dubai EFS is an exchange of a November Brent futures contract for a November Dubai swaps contract that will settle against the price of physical delivery two months later, in January.
Therefore, the price of physical Dubai crude loading in January is the Ice Brent futures price for November minus the Brent-Dubai EFS price for November.
Example (forward months one, two and four):On 21 September: The physical Dubai price for the third forward month (January) was $46/bl as explained above. Argus reporters assessed the following inter-month spreads between Dubai swaps prices
which allow for the calculation of physical Dubai prices for Novem-ber, December and February.
Forward month 1 (November)Component Timing Price
Dubai physical December 45.18
Intermonth spread November/December -1.35
Dubai physical assessment November 43.83
Forward month 2 (December)Component Timing Price
Dubai physical January 46.00
Intermonth spread December/January -0.82
Dubai physical assessment December 45.18
Forward month 4 (February)Component Timing Price
Dubai physical January 46.00
Intermonth spread January/February -0.74
Dubai physical assessment February 46.74
OmanArgus assesses the price of physical Oman crude for three forward months. Front-month physical Oman is for cargoes loading two months from the month of publication. For example, on 21 Septem-ber, the front month is November and prices are published for crude loading in November, December and January. On 1 October, the front month becomes December and prices are published for crude loading in December, January and February.
The physical price of Oman crude is assessed relative to the antici-pated official selling price from the Ministry of Oil and Gas (MOG), which is itself based on the price of DME Oman futures.
Argus adds to the DME Oman futures price a market differential for full cargoes, to reflect physical OTC market prices.
OmanMonth Differential to DME
Oman futures*DME Oman fu-
tures †Oman Physical
assessment‡
November 0.06 44.58 44.64
December 0.06 45.41 45.47
January 0.06 46.28 46.34
*Assessed by Argus †Exchange settlement ‡Assessed market differential + DME Oman futures
MurbanArgus assesses the price of Murban relative to the monthly average of physical Dubai assessments in the month of cargo loading. Out-right prices are calculated using Dubai swaps and the spot market premium or discount to the anticipated monthly average of front-month Dubai assessments.
Das, Umm Lulu and Upper ZakumArgus assesses the prices of Das, Umm Lulu and Upper Zakum rel-ative to the monthly average of physical Dubai assessments in the month of cargo loading. Outright prices are calculated using Dubai swaps and the spot market premium or discount of the grade to the anticipated monthly average of front-month Dubai assessments.
Qatar Land and Qatar MarineArgus assesses the prices of Qatar Land and Qatar Marine relative to the latest forward official formula price (OFP), the front-month Dubai swaps and Oman futures prices and the currently traded mar-ket premium or discount to the anticipated OFP for each grade.
ExampleOn 21 September:
•� �The�most�recent�OFP�for�the�grade�is�for�October�and�was�published at $1.95/bl below the average of front-month Dubai and front-month Oman price assessments. Note the OFP is published as a differential, rather than an outright price
•� �The�current�market�differential�for�Qatar�Marine�to�the�antici-pated November Qatar Marine OFP is assessed at -95¢/bl
•� �The�front-month�Dubai�swaps�contract�(for�November)�is�assessed at $46/bl
Assessments are of the price of crude loading two months from the month of publication.
Qatar LandCompo-nent
Most recent
OFP
Dubai front-
month swaps*
DME Oman front-
month futures†
Dubai/ Oman front-
month average‡
Current spot dif-ferential to OSP†
Qatar Land
assess-ment#
Month October November November November November November
Price -1.95 46.00 44.58 45.29 -0.95 42.39
*Assessed by Argus †DME Oman front-month futures settlement ‡Average of Dubai and Oman front-month prices #Anticipated OFP+ current Qatar Land spot market differential
Al-ShaheenArgus assesses the price of Al-Shaheen relative to the market dif-ferential of Al-Shaheen to Dubai swaps for the month of loading.
ExampleOn 21 September:
•� �The�market�differential�of�Al-Shaheen�to�the�front-month�Dubai swaps price is -$2.83/bl
*Assessed by Argus †Dubai swaps + Al-Shaheen differential assessment
Banoco Arab MediumArgus assesses the prices of Banoco Arab Medium relative to the latest forward official formula price (OFP) for Arab Medium, the front-month Dubai swaps and Oman futures prices and the currently traded market premium or discount to the anticipated OFP for Arab Medium.
ExampleOn 21 September:
•� �The�most�recent�Saudi�OFP�for�Arab�Medium�is�for�October�and�was�published�at�$1.30/bl�below�the�average�of�front-month Dubai and front-month Oman price assessments. Note the Saudi OFP is published as a differential, rather than an outright price
•� �The�current�market�differential�for�Banoco�Arab�Medium�to�the anticipated November Arab Medium OFP is assessed at -70¢/bl
•� �The�Dubai�front-month�swaps�contract�(for�November)�is�assessed at $46/bl
Assessments are of the price of crude loading two months from the month of publication.
Banoco Arab Medium Com-ponent
Most recent
OFP
Dubai front-
month swaps*
DME Oman front-
month futures†
Dubai/Oman front-
month average‡
Current Banoco
differ-ential to
OFP†
Banoco assess-
ment#
Month October November November November November November
Price -1.30 46.00 44.58 45.29 -0.70 43.29
*Assessed by Argus †DME Oman front-month futures settlement ‡Average of Dubai and Oman front-month prices #Anticipated OFP+ current Banoco spot market differential
Basrah Medium and Basrah HeavyArgus assesses the prices of Basrah Medium and Basrah Heavy relative to the latest forward official formula price (OFP), the relevant Dubai swaps for the cargo loading month, second-month Oman futures prices and the currently traded market premium or discount to the OFP for each grade.
ExampleOn�20�November:
•� �The�most�recent�OFP�for�the�Basrah�Medium�is�for�December�and was published at 45¢/bl above the average of front-month Dubai and front-month Oman price assessments in December. Note the OFP is published as a differential, rather than an outright price
Assessments are of the price of crude for Asia-Pacific destinations loading one month from the month of publication.
Basrah Medium Compo-nent
Most re-cent OFP
Dubai swaps†
DME Oman
futures*
Dubai/ Oman
average‡
Current Basrah
Medium differential to Basrah
Medium OSP†
Basrah Medium assess-
ment#
Month December December February na November Novem-ber
Price 0.45 44.02 44.37 44.20 1.60 46.25
†Assessed by Argus *DME Oman futures settlement ‡Average of Dubai and Oman prices #Anticipated OFP+current Basrah Medium spot market differential
Qatari DFC and LFCArgus assesses the prices of Qatari deodorised field condensate (DFC) and low sulphur condensate (LSC) relative to the spread between the spot market premium or discount to Dubai front-month swaps prices.
DME differentialsArgus publishes the price of key Mideast Gulf grades as differen-tials to the Dubai Mercantile Exchange (DME) futures price. The differential is the spread between the Argus assessed outright price of each crude grade, and the daily Singapore marker price for the front-month DME Oman crude futures contract. For example, in July, the differential will be the outright value of the relevant Argus assessment of September loading crude less the September�front-month�DME�Oman�crude�futures�price�at�4.30pm�Singapore time.
DME differentials are published for:
MurbanUpper ZakumDasDubai Basrah MediumBasrah HeavyQatar LandQatar MarineQatar Al-ShaheenBanoco Arab Medium
Calculated IFAD Murban differentialsArgus publishes the price of key grades as differentials to the IFAD Murban crude futures. The differential is calculated as the spread between the Argus assessed outright price of each crude grade, and the daily IFAD Murban crude Singapore marker.
Murban differentials are published for
DubaiOmanQatar Al-ShaheenBanoco Arab MediumBasrah Medium fob Iraq*Basrah Heavy fob Iraq*DFC fob QatarLSC fob QatarESPO BlendSokolSakhalin BlendAsia timestamp WTI HoustonSubstitute North Sea Dated
*Asia-Pacific destination-restricted cargoes
Calculated Murban RGV differentialsArgus publishes differentials of Abu Dhabi and Qatar crudes to Murban, using the refinery gate values (RGV) of each grade to dem-onstrate the relative value of each based on an assumed marginal refining configuration in Asia.
Assumed product yields are combined with daily Argus refined products price assessments to generate an RVG for each grade. Freight differentials will also be taken into consideration by com-
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MeThodology And speCifiCATions guide
paring the cost difference in the voyage from each load port to Singapore.
Murban differentials based on RGV are published for
DasUpper ZakumUmm LuluQatar LandQatar Marine
Asia-Pacific
Argus assesses the price for a variety of Asia-Pacific crude grades. Argus assessments of Asia-Pacific crudes consist of a fixed-price or formula assessment and a differential assessment. All of these price assessments�are�made�with�a�cut�off�of�4:30pm�Singapore�time,�with�the exception of those grades assessed on a North Sea Dated basis.
For those grades assessed relative to North Sea Dated, the differen-tials�are�assessed�with�a�cut�off�of�4.30pm�Singapore�time,�while�the�underlying�North�Sea�Dated�price�is�assessed�at�4.30pm�London�time. The methodology behind the Dated assessment can be found in the North Sea section and on www.argusmedia.com.
Asia-Pacific assessments
IndonesiaArgus publishes assessments for Indonesian grades based on spot deals and market information for cargoes loading 15-45 days from the publication date.
The final price of Minas is assessed by determining the Minas spread to Ice Brent futures or to North Sea Dated. In addition to this final price, Argus also shows the current market premium/discount for Minas to the Indonesian Crude Price (ICP). The Minas base price is the price left when this market premium/discount is removed from the final Minas price.
The Duri assessment is based on an assessment of the spread between the grade and Minas. In the absence of specific market discussion, Argus will take into account the spread between the Minas and Duri ICP and activity on grades of similar quality.
The Cinta assessment is based on an assessment of the spread between the grade and Minas. In the absence of specific market discussion, Argus will take into account the spread between the Minas and Cinta ICP and activity on grades of similar quality.
The Widuri assessment is based on an assessment of the spread between the grade and Minas. In the absence of specific market discussion, Argus will take into account the spread between the Minas and Widuri ICP and activity on grades of similar quality.
The Senipah assessment is based on an assessment of the spread between the grade and Minas. In the absence of specific market
discussion, Argus will take into account the spread between the Minas and Senipah ICP and activity on grades of similar quality.
The Attaka assessment is based on an assessment of the spread between the grade and Minas. In the absence of specific market discussion, Argus will take into account the spread between the Minas and Attaka ICP and activity on grades of similar quality.
The Ardjuna assessment is based on an assessment of the spread between the grade and Minas. In the absence of specific market discussion, Argus will take into account the spread between the Minas and Ardjuna ICP and activity on grades of similar quality.
The Belida assessment is based on an assessment of the spread between the grade and Minas. In the absence of specific market discussion, Argus will take into account the spread between the Minas and Belida ICP and activity on grades of similar quality.
VietnamArgus publishes assessments for Vietnamese grades based on spot deals and market information for cargoes loading in the sec-ond month forward from the publication date.
The Bach Ho assessment is calculated by applying the grade’s differential relative to North Sea Dated to the same day’s North Sea Dated value. The Bach Ho spot market premium/discount is also published separately. The market premium/discount is as-sessed�with�a�cut�off�of�4:30pm�Singapore�time.�In�the�absence�of specific market discussion, Argus may look at other Vietnam-ese grades of similar quality, to assess the Bach Ho spot market premium/discount.
The Sutu Den assessment is calculated by applying the grade’s differential relative to North Sea Dated to the same day’s North Sea Dated value. The Sutu Den spot market premium/discount is also published separately. The market premium/discount is assessed with a�cut�off�of�4:30pm�Singapore�time.�In�the�absence�of�specific�market�discussion, Argus may look at other Vietnamese grades of similar quality, to assess the Sutu Den spot market premium/discount.
MalaysiaArgus publishes assessments for Malaysian grades based on spot deals and market information for cargoes loading in the second month forward from the publication date.
The Tapis assessment is calculated by applying the grade’s differ-ential relative to North Sea Dated based on a market consensus to the same day’s North Sea Dated value. The differential is assessed with�a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated. Two outright prices are published, one calculated using Sub-stitute�Dated�at�a�4:30pm�Singapore�timestamp�and�the�other�using�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time. On days when North Sea Dated is unavailable due to a UK public holiday, both outright prices are calculated using Substitute Dated (see below for the relevant methodology).
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The Kikeh assessment is calculated by applying the grade’s differ-ential relative to North Sea Dated based on a market consensus to the same day’s North Sea Dated value. The differential is assessed with�a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time.�On�days when North Sea Dated is unavailable due to a UK public holi-day, Argus will use a substitute North Sea Dated price (see below for the relevant methodology).
The Kimanis assessment is calculated by applying the grade’s differential relative to North Sea Dated based on a market consen-sus to the same day’s North Sea Dated value. The differential is assessed�with�a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time. On days when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price (see below for the relevant methodology).
The Labuan assessment is calculated by applying the grade’s differential relative to North Sea Dated based on a market consen-sus to the same day’s North Sea Dated value. The differential is assessed�with�a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time. On days when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price (see below for the relevant methodology).
The Miri assessment is calculated by applying the grade’s differen-tial relative to North Sea Dated based on a market consensus to the same day’s North Sea Dated value. The differential is assessed with a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time.�On�days�when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price (see below for the relevant methodology).
Australia and PNGArgus publishes assessments for Australian and PNG grades based on spot deals and market information for cargoes loading in the second month forward from the publication date.
PNG’s Kutubu Light assessment is calculated by applying the grade’s differential relative to North Sea Dated to the same day’s North Sea Dated value. The differential is based on a market consensus,�assessed�with�a�cut�off�of�4:30pm�Singapore�time,�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London time. On days when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price (see below for the relevant methodology).
The Cossack assessment is calculated by applying the grade’s differential relative to North Sea Dated based on a market consen-sus to the same day’s North Sea Dated value. The differential is assessed�with�a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time. On days when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price
(see below for the relevant methodology). In the absence of specific market discussion, Argus will also take into account the spread between the Tapis APPI-linked Cossack price and North Sea Dated.
The North West Shelf condensate assessment is calculated by applying the grade’s differential relative to North Sea Dated based on a market consensus to the same day’s North Sea Dated value. The�differential�is�assessed�with�a�cut�off�of�4:30pm�Singapore�time�and applied to North Sea Dated, which becomes available after 4:30pm�London�time.�On�days�when�North�Sea�Dated�is�unavailable�due to a UK public holiday, Argus will use a substitute North Sea Dated price (see below for the relevant methodology).
The Ichthys condensate assessment is calculated by applying the grade’s differential relative to North Sea Dated based on a market consensus to the same day’s North Sea Dated value. The differen-tial�is�assessed�with�a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time. On days when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price (see below for the relevant methodology).
The Vincent assessment is calculated by applying the grade’s differential relative to North Sea Dated based on a market consen-sus to the same day’s North Sea Dated value. The differential is assessed�with�a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time. On days when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price (see below for the relevant methodology). Note: the Vincent as-sessment�was�suspended�in�May�2018�and�resumed�in�September�2019�as�production�was�halted�for�modification�of�the�field’s�floating�production, storage and offloading (FSPO) facility.
The Pyrenees assessment is calculated by applying the grade’s differential relative to North Sea Dated based on a market consen-sus to the same day’s North Sea Dated value. The differential is assessed�with�a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time. On days when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price (see below for the relevant methodology).
The Van Gogh assessment is calculated by applying the grade’s differential relative to North Sea Dated based on a market consen-sus to the same day’s North Sea Dated value. The differential is assessed�with�a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time. On days when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price (see below for the relevant methodology).
SudanArgus assessments of Sudanese crudes consist of a market dif-ferential to North Sea Dated and an outright price calculated by applying the differential to North Sea Dated.
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Argus will publish assessments for Sudanese grades based on spot deals�and�market�information�for�600,000-1mn�bl�cargoes�loading�15-45 days from the publication date. The cut off time for Sudanese assessments�is�4:30pm�Singapore�time.
The Nile Blend assessment is calculated by applying the differential of Nile Blend relative to North Sea Dated based on a market consen-sus to the same day’s North Sea Dated value. The differential is as-sessed�with�a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time.
On days when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price (see above for the relevant methodology).
The Dar Blend assessment is calculated by applying the differential of Dar Blend relative to North Sea Dated based on a market consensus to the same day’s North Sea Dated value. The differential is assessed with a�cut�off�of�4:30pm�Singapore�time�and�applied�to�North�Sea�Dated,�which�becomes�available�after�4:30pm�London�time.
On days when North Sea Dated is unavailable due to a UK public holiday, Argus will use a substitute North Sea Dated price (see above for the relevant methodology).
Substitute DatedSubstitute Dated replaces North Sea Dated as the base price for Cossack, North West Shelf condensate, Vincent, Nile Blend and Dar Blend on the few days each year when the Asian crude oil markets are operating, but a public holiday in the UK means that London will not produce a North Sea Dated price.
Substitute�Dated�is�calculated�at�4.30pm�Singapore�time.�Substitute�Dated�comprises�the�Ice�Brent�4.30pm�Singapore�one-minute�mark-er plus or minus a differential representing the difference between the Brent futures market and the physical North Sea market.
This differential is calculated in the following manner: Argus takes the most recently available North Sea Dated price assessed in London, then it subtracts the London Ice Brent one-minute marker from that same day.
For example: Dated on 24 December was $72/bl and the Ice Brent 4.30pm�London�one-minute�marker�was�$70/bl�–�a�difference�of�$2/bl. To calculate Substitute Dated on 26 December, when Singapore is working but London is not, Argus will add this $2/bl difference to the�Ice�Brent�4.30pm�Singapore�one-minute�marker�($69/bl)�to�give�a Substitute Dated price of $71/bl.
The market differentials for North West Shelf condensate, Nile Blend and Dar Blend will then be added to this Substitute Dated price in line with their respective methodologies.
Des Shandong Assessments are the range of deals done. In the absence of suf-ficient reported trade, assessments will be made based on the best bids and offers (highest bids and lowest offers) in the market and on a survey of market participants.
Assessments are published as a low, high and midpoint, the aver-age of the low and high assessments.
DifferentialsAssessments are expressed as $/bl differentials to the frontline Ice Brent futures contract settlement price on the date of delivery.
For example, cargoes bought for delivery to ports around Qingdao in October will price in against the Ice December contract, and November cargoes against Ice January Brent.
Argus rolls the Ice Brent basis month when the bulk of deals done on the day is done for the first time on that basis. Any trade that is based on a different Ice Brent basis month will be converted to its equivalent value against the current basis month by using published Ice�Brent�inter-month�spreads�at�the�4:30pm�Singapore�timestamp�on the day the deal was done.
LocationAssessments are for cargoes delivering to Qingdao, Huangdao, Dongjiakou, Rizhao and Yantai ports in Shandong.
Deals based on other sized cargoes and ports — for example, smaller cargoes into Dongying or full cargoes into Ningbo — will inform the assessment based on discussions with market partici-pants.
Outright pricesAn outright price is calculated in $/bl for each reported trade, bid, offer or other relevant market information based on the reported differential�and�the�relevant�4:30pm�Singapore�one-minute�marker,�depending on the anticipated date of delivery. A low, high and mid-point outright price is also published for each grade.
FrequencyPrices are assessed daily. Trades completed before 9am Beijing time�on�the�day�of�assessment�or�received�by�Argus�after�4:30pm�Beijing time may not be considered for inclusion in the assessment.
Assessments are for trades on a delivered ex-ship (des) basis.
Argus�publishes�prices�for�trade�with�payment�due�30�days�after�notice of readiness (NOR) at the port of discharge.
Argus will normalise, based on discussions with market participants, trades involving a premium related to unloading times, or to demur-rage fees.
Publication scheduleDes Shandong price assessments are published on all Argus Crude publication dates except for Singapore and Beijing holidays. A pub-lication schedule is available at www.argusmedia.com
Des Shandong specificationsGrade API° Typical sulphur
(%)Min size (‘000bl)
Delivery (days forward)
Tupi 29.3 0.36 1,000 50-90
ESPO Blend 34.93 0.55 740 30-70
Djeno 27.6 0.34 950 40-80
Oman 33.3 1.06 1,000 40-80
Johan Sverdrup 28 0.8 1,000 60-100
WTI delivered northeast Asia The Argus assessment for WTI crude delivered northeast Asia is published as a differential to Dubai physical spot prices and as an outright price. Argus publishes the spot market differential based on trade, bids and offers, and other market information relevant to 2mn bl cargoes arriving in Yosu, South Korea, three months after of the publication date. The published differential is against Dubai physical spot price assessments in the calendar month before delivery. WTI deals done for cfr delivery to other South Korean locations, Japan, Taiwan or China will be normalised to cfr Yosu using spot freight rates, for consideration for inclusion in the assessment.
The outright price for WTI delivered northeast Asia is calculated by applying the published differential to the relevant Dubai swaps month. The cut-off time for the WTI delivered northeast Asia assess-ment�is�4:30pm�Singapore�time.
WTI delivered northeast Asia specificationsGrade Typical API° Typical
sulphur (%)Cargo size Basis/
LocationTiming
WTI 42-44 ≤0.45 1.8mn-2.2mn bl delivered Yosu
Arrival three months after trade
Mideast Gulf and Atlantic basin crude cfr AsiaArgus calculates cfr China and cfr Singapore prices for various crudes. Cfr prices are calculated by adding the Argus assessment of the specified freight rate to the underlying crude price. Freight�rates�are�the�latest�available�at�the�4:30pm�Singapore�time-stamp. See the Argus Freight methodology for more information on freight rate assessments.
West Africa cfr AsiaArgus calculates an Asia timestamp price of Cabinda, Girassol Bonny Light, Qua Iboe and Escravos to allow for a comparison of delivered West African, Middle East and Asia-Pacific crudes at the same point in time. The Asia timestamp prices are the Argus assessments of each of the five grades on the previous publication date plus the difference between the previous publication date’s Ice Brent�4:30pm�London�one-minute�marker�and�the�Ice�Brent�4:30pm�Singapore one-minute marker on the day of publication.
North Sea cfr AsiaArgus calculates an Asia timestamp price of Forties to allow for a comparison of delivered North Sea, Middle East and Asia-Pacific crudes at the same point in time. The Asia timestamp prices are the Argus assessments of Forties on the previous publication date plus the difference between the previous publication date’s Ice Brent�4:30pm�London�one-minute�marker�and�the�Ice�Brent�4:30pm�Singapore one-minute marker on the day of publication.
Freight ratesDirty�North�Sea-northeast�Asia�270,000t�(lumpsum)�for�cfr�China, converted to $/t
CrudeForties
US Gulf coast cfr AsiaArgus calculates an Asia timestamp price of WTI fob Houston, Mars and WCS Houston to allow for a comparison of delivered US Gulf coast, Middle East and Asia-Pacific crudes at the same point in time. The Asia timestamp prices are the Argus assessments of each of the three grades on the previous publication date plus the differ-ence between the previous publication date’s WTI futures settlement price�and�the�WTI�futures�4:30pm�Singapore�one-minute�marker�on�the day of publication.
WTI fob Houston is the midpoint of the assessed range. Mars and WCS Houston are the published volume-weighted average.
Calculations for WTI fob Houston assume the use of three Aframax tankers to reverse lighter a VLCC with WTI crude and assumes port fees paid by the reverse lightering vessels, not the VLCC.
Freight ratesDirty�USGC-China�270,000t�(lumpsum)�for�cfr�China,�con-verted to $/tDirty�USGC-Singapore�270,000�(lumpsum)�for�cfr�Singapore,�converted to $/tDirty USGC Aframax reverse lightering (lumpsum), con-verted to $/t
CrudesWTI fob Houston Mars*WCS Houston*
*Delivered prices for Mars and WCS Houston are calculated by adding�the�USGC-China�270,000t�freight�rate�and�export�terminal�costs to the underlying price of Mars and WCS Houston pipeline crude assessments. Argus periodically reviews the export cost used in calculating these delivered prices. That review is informed in part by the price spread between the WTI fob Houston waterborne and WTI Houston pipeline price assessments.
See the Argus Americas Crude methodology for more information on the WTI fob Houston, Mars and WCS Houston price assessments.
US Gulf coast markers for Asia-PacificArgus calculates an Asia timestamp price of WTI Houston, WTI Midland, LLS (Light Louisiana Sweet) and Mars to allow for a com-parison at the same point in time of US Gulf coast markers with the price of Middle Eastern and Asia-Pacific grades and benchmarks. Argus also publishes differentials between these four Asia times-tamped US crude prices and Dubai swaps, aligning prices across markets and helping participants hedge more accurately their exposure to US crude exports.
Argus Asia timestamp WTI Houston, WTI Midland, LLS and Mars are built upon the previous day’s Argus volume-weighted average price of each of the four underlying grades. To those assessments is added the difference between the previous day’s WTI futures set-tlement�price�and�the�WTI�futures�4:30pm�Singapore�marker�on�the�day of publication.
See the Argus Americas Crude methodology for more information on the WTI Houston, WTI Midland, LLS and Mars price assessments.
For example, on 12 May, the Asian-timestamp WTI Midland July price assessment is calculated as:
Asian-timestamp July WTI Midland exampleDate Price
July WTI Midland assessment 11 May $47.42/bl
July WTI futures settlement 11 May $48.20/bl
July WTI futures Singapore marker 12 May $48.13/bl
July WTI futures Singapore marker - July WTI futures settlement
12 May-11May -7¢/bl ($48.13/bl - $48.20/bl)
July WTI Midland, Asian timestamp 12 May $47.35/bl ($47.42/bl - 7¢/bl)
TimingArgus publishes Asian-timestamp WTI Houston, WTI Midland, LLS and Mars price assessments for two forward months, according to the calendar used for North American spot trade, which differs from the calendar used in the WTI futures market.
For three trading days in each calendar month, spot trade in WTI Houston, WTI Midland, LLS and Mars continues, while WTI futures have rolled to the next month. On those days, Argus will use the nearest WTI futures contract as the basis for calculation of the Asian-timestamp price for both the first and second months of each of the four grades. After those three days and for the rest of the calendar month, Argus will revert to the calculation of the Asian timestamp for each month based on the corresponding WTI futures contract.
For example, for most trading days in May, Argus publishes a June and July Asian-timestamp WTI Houston price based on June and July WTI futures prices. For three trading days in May, there will no longer be a June WTI futures price while there will continue to be a June WTI Houston price, and on those days Argus will continue to publish a June and July Asian-timestamp WTI Houston price, both based on the July WTI futures price.
For the differential of each of the four grades to Dubai swaps, Argus will always use the comparison between the monthly contracts that are two calendar months ahead of the date of publication, in line with the trading calendar for the Asian market, as in the following example for 12 May:
Dubai differential exampleDate Price
July Asian-timestamp WTI Midland 12 May $47.35/bl
July Dubai swaps 12 May $50/bl
July WTI Midland, Asian timestamp dif-ferential to July Dubai swaps
12 May -$2.65/bl ($47.35/bl-$50/bl)
Argus will not publish Asian-timestamp US Gulf coast markers on US holidays and Singapore holidays, matching the publication calendars for Argus North American crude prices and for the CME’s WTI futures Singapore marker.
On the first working day after US holidays, Argus will calculate the Asia timestamp prices by using the last published WTI Houston, WTI Midland, LLS and Mars prices and applying the difference between that day’s WTI futures settlement and the WTI futures Singapore marker on the day of publication.
Argus Condensate IndexThe Argus Condensate Index (ACI) represents the daily value of condensates in Asia-Pacific, and will be derived from either Qatari Deodorized Field Condensate (DFC) or Australian North West Shelf (NWS) condensate, which are the two most liquid condensate streams in the region. The ACI will be set by the lowest price of either DFC or NWS, on a delivered Singapore basis.
The price of DFC for the ACI will be derived by taking the Ice Brent�futures�price�at�4:30pm�Singapore�time�and�subtracting�the�
exchange-of-futures-for-swaps (EFS) value for the corresponding month. The market differential for DFC spot cargoes relative to front-line Dubai assessments will then be added together with the freight costs from Qatar to Singapore. The freight rate is for very large crude carrier (VLCC) vessels and is assessed daily.
In�more�detail:�August�DFC�will�be�August�Ice�Brent�at�4:30pm�Sin-gapore�time�minus�the�August�EFS�at�4:30pm�Singapore�time�plus�the August DFC spot differential plus freight.
The price of NWS condensate for the ACI will be derived by taking the�Ice�Brent�futures�price�at�4:30pm�Singapore�time�and�adding�the�relevant Dated-to-front-line (DFL) value. The market differential for NWS condensate spot cargoes relative to North Sea Dated and the freight cost for a dirty Aframax vessel from northwestern Australia to Singapore are then added. The freight rate is assessed daily.
In�more�detail:�August�NWS�will�be�August�Ice�Brent�at�4:30pm�Sin-gapore time plus the July DFL value plus the August NWS conden-sate spot differential plus freight.
Russia Asia-Pacific
ESPO BlendThe ESPO Blend assessment is the price of crude from the East Siberia-Pacific Ocean (ESPO) pipeline, loading at the port of Kozmino in the Russian Far East. The outright price of ESPO Blend is calculated by applying the daily volume-weighted average market differential for cargoes of ESPO Blend fob Kozmino to the relevant Dubai swaps assessment. To calculate the volume-weighted aver-age market differential, Argus will multiply the differential for each cargo times the volume of that cargo, add the resulting values for all cargoes together, and then divide that total by the combined volume of all cargoes considered for the assessment on that day.
Where market sources provide Argus with a range rather than a specific price, Argus will use editorial judgement to assess the value of the cargo, which will then be included in the volume-weighted average.
To be considered for inclusion in the assessment, trade must be for spot loading of crude by the producer or by a term-contract holder selling crude into the spot market on a fob Kozmino basis. For the avoidance of doubt, subsequent trade of crude that has already traded in the spot market will not be included in the assessment.
ESPO�Blend�trading�begins�30–75�days�before�cargo�loading�dates.�For example, cargoes loading from mid-November to mid-Decem-ber could trade from early September until early October, although discussion usually begins after loading schedules are issued and tenders awarded in late September.
Argus will roll over the Dubai basis month when the bulk of deals done on the day are done for the first time on that basis. Any trade after this rollover that is based on a different Dubai basis month will then be converted to its equivalent value against the current month
by using published Dubai inter-month spreads applicable on the day the deal was done.
The Argus assessment of ESPO Blend reflects the market price of 100,000-270,000t�cargoes�loading�30-75�days�ahead�of�the�publica-tion date.
The cut-off time for ESPO Blend deals to be taken into account for the�day’s�assessment�will�be�4:30pm�Singapore�time.�Any�deals�completed after this pricing timestamp will be considered on the next day of publication of Argus Crude. Argus will also exclude from the day’s assessment any deals for which validation is not available by�8:00pm�Singapore�time,�and�will�consider�them,�once�validated,�in the next day’s assessment, together with any fresh deals, us-ing a volume-weighted average. In the event that validation is still unavailable�by�8:00pm�Singapore�time�on�the�day�after�the�deal�was�concluded, Argus will consider validated deals two publication days after the deal was concluded, provided there are no newer deals in that period, including the day when the deal was done. Any newer validated deals will supersede two-day-old deals. Argus will disre-gard any information on deals three publication days old or older.
On days when Argus moves the assessment time for Dubai crude forward�to�12:30pm�Singapore�time�because�of�an�upcoming�holi-day,�it�will�also�use�a�cut-off�time�of�12:30pm�Singapore�time�for�any�ESPO Blend deals. Validation on these days should be available before�4:00pm�Singapore�time�for�Argus�to�consider�these�deals�for that day’s assessment. Otherwise, they will be considered in the next day of publication as stated above.
ESPO Blend differentialsArgus publishes the differential of the outright ESPO Blend price assessment to the relevant Dubai swaps price assessment and to the�front-month�Ice�Brent�minute-marker�at�4:30pm�Singapore�time.�Whenever the timing of the relevant Dubai swaps price assessment differs from the timing of the Ice Brent front-month contract, Argus will calculate an ESPO Blend value that corresponds to the timing of the Ice Brent front-month contract for the purpose of publishing an ESPO Blend-Ice Brent differential that reflects the monthly trading cycle of ESPO cargoes.
In this case, the ESPO Blend value is calculated by adding the ap-propriate Dubai intermonth spread to the outright ESPO Blend price assessment, producing an ESPO Blend price that corresponds with the timing of the Ice Brent front-month contract.
For example, on 5 September, the ESPO Blend market was trading as a differential to October Dubai swaps, while the Ice Brent front-month market was for November. To publish an ESPO Blend-Ice Brent differential, a November ESPO Blend value is calculated as follows:
19 January 2005January 2022
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MeThodology And speCifiCATions guide
ESPO Blend-Ice Brent differential $/blCompo-nent
ESPO Blend assessment
midpoint*
Ice Brent front
month†
Dubai intermonth
spread*‡
ESPO Blend calculated
value
ESPO Blend-Ice
Brent front month
differential
Month October November December/January
November November
Price 45.66 46.31 +0.15 45.81 -0.50
*assessed by Argus †Ice Brent 4:30pm Singapore minute marker ‡the intermonth spread of physical Dubai crude prices. Dubai swaps are for delivery two months after the list month
Sakhalin IslandArgus assessments of crudes from Sakhalin Island in Russia consist of a market differential to Dubai swaps for the month of loading and an outright price calculated by applying the differential to Dubai swaps for the month of loading. Argus will publish assessments for Sakhalin grades based on spot deals and market information for 700,000�bl�cargoes�loading�two�months�ahead�of�the�publication�date.�The�cut�off�time�for�Sakhalin�Island�assessments�is�4:30pm�Singapore time.
Sakhalin Island assessmentsThe Sokol assessment is the price of Sokol, a crude from Sakhalin Island in Russia. The value of Sokol is calculated by applying the market differential of Sokol to Dubai swaps for the month of loading. Cargoes loading across two calendar months will be considered for inclusion in the assessment as having loaded during the month against which the seller has priced the cargo. The prevailing market differential is also published separately. The published price is for crude traded on a cfr ship-to-ship (STS) Yosu basis. Trades done on a cfr Yosu basis will be adjusted to a cfr STS Yosu basis before being considered for inclusion in the assessment using an as-sessment of the price difference between the two. Trades done on another basis may be considered for inclusion in the assessment if they can be adjusted to a cfr STS Yosu basis.
The Sakhalin Blend assessment is the price of Sakhalin Blend, a crude from Sakhalin Island in Russia. The value of Sakhalin Blend is calculated by applying the market differential of Sakhalin Blend cfr Yosu to Dubai swaps for the month of loading. The prevailing market differential is also published separately. The cut-off time for the Sakhalin�Island�assessments�is�4:30pm�Singapore�time.
Cif basis Singapore assessments The BTC Blend cif basis Singapore assessment is calculated by adding a freight component to the BTC fob Ceyhan assessment. The freight�cost�is�for�135,000t�vessels�and�is�assessed�daily�based�on�spot Med/Black Sea–East freight rates from the Argus Freight report.
The Urals Black Sea cif basis Singapore assessment is calcu-lated by adding a freight component to the Urals fob Novorossiysk Suezmax�netback.�The�freight�cost�is�for�135,000t�vessels�and�is�as-sessed daily based on spot Med/Black Sea-East freight rates from the Argus Freight report.
Asia-Pacific, Sudan, ESPO Blend, Sakhalin Island assessments
Grade Typical °API
Typical sulphur
%
Basis/Location Timing Cargo size
Minas 35 0.08 fob Indonesia Loading second month-ahead 100,000 - 200,000 bl
Duri 21.5 0.20 fob Indonesia Loading second month-ahead 100,000 - 200,000 bl
Cinta 32.7 0.12 fob Indonesia Loading second month-ahead 100,000 - 200,000 bl
Widuri 33.3 0.07 fob Indonesia Loading second month-ahead 100,000 - 200,000 bl
Senipah 51 0.03 fob Indonesia Loading second month-ahead 250,000 bl
Attaka 43 0.09 fob Indonesia Loading second month-ahead 100,000 - 200,000 bl
Ardjuna 37 0.09 fob Indonesia Loading second month-ahead 100,000 - 200,000 bl
Belida 45 0.02 fob Indonesia Loading second month-ahead 100,000 - 200,000 bl
Bach Ho 39 0.04 fob Vietnam Loading second month-ahead 450,000 - 600,000 bl
Sutu Den 35.8 0.051 fob Vietnam Loading second month-ahead 450,000 - 600,000 bl
Tapis 46 0.02 fob Malaysia Loading second month-ahead 450,000 - 600,000 bl
Kikeh 36.74 0.06 fob Malaysia Loading second month-ahead 600,000 bl
Kimanis 38.61 0.06 fob Malaysia Loading second month-ahead 600,000 bl
Labuan 29.92 0.028 fob Malaysia Loading second month-ahead 300,000 - 600,000 bl
Miri Light 29.79 0.0771 fob Malaysia Loading second month-ahead 300,000-600,000 bl
Kutubu Light 45 0.04 fob Papua New
Guinea Loading second month-ahead 500,000 - 650,000 bl
Cossack 48 0.04 fob Australia Loading second month-ahead 500,000 - 650,000 bl
NW Shelf 60 0.01 fob Australia Loading second month-ahead 500,000 - 650,000 bl
Ichthys 50 0.09 fob Australia Loading second month-ahead 650,000 bl
Vincent 18.5 0.55 fob Australia Loading second month-ahead 500,000 - 650,000 bl
Pyrenees 19 0.21 fob Australia Loading second month-ahead 400,000 - 450,000 bl
Van Gogh 17 0.37 fob Australia Loading second month-ahead 500,000 - 650,000 bl
Nile Blend 32.76 0.045 fob Bashayer, Sudan Loading 15-45 days ahead 600,000 - 1mn bl
Dar Blend 26.4 0.116 fob Bashayer,Sudan Loading 15-45 days ahead 600,000 - 1mn bl
Argus publishes official formula prices for crude from Saudi Arabia, Iran, Yemen, Kuwait, Iraq, Qatar, Abu Dhabi and Dubai. These are expressed as differentials to various benchmarks for a given loading month and are set by national oil companies.
Official selling prices
Argus publishes official selling prices for crude from Oman, Indone-sia, Malaysia and Brunei. These are expressed as outright prices for a given loading month and are set by national oil companies.
Argus publishes the Opec Reference Basket monthly average price.
Argus Japanese Crude Cocktail Index(Argus JCC)
The Argus Japanese Crude Cocktail Index (Argus JCC) is an oil price index calculated and published by Argus that represents the price of Japan’s monthly crude imports.See the Argus LNG Daily methodology for a detailed description of the calculation.
Americas
For information on Argus Americas crude assessments, please see the Argus Americas Crude methodology and ASCI methodology.
US Gulf coast freight•� �USGC�Aframax�reverse�lightering�(see�the�Argus Freight
methodology)
Daily netbacks
Argus publishes daily simple and complex refinery netbacks for a number of different crude grades in northwest Europe, Singapore and the US Gulf. For information on the daily netbacks, please see the Argus Netback Model methodology.
US Gulf coastArab LightArab MediumBonny LightLLSMarsMayaWTI
US west coastANSOrienteOriente implied fob (the Oriente complex netback less a US west coast refining margin for a grade of similar quality)
Argus intra-day North Sea forward physical crude assessments
On Ice front-month Brent futures expiry days, Argus publishes intra-day North Sea forward physical crude assessments for the corresponding expiring month at the following timestamps: 10:30,12:30,14:30,16:30,19:30�London�time.
The�19:30�assessment�will�be�done�at�18:30�London�time�when�the�Ice Brent settlement takes place an hour earlier than usual in Lon-don because of an early US switch to Daylight Saving Time.
The methodology for identifying these price assessments is as fol-lows: Argus bases its front-month North Sea forward physical crude assessments on a volume-weighted average of outright North Sea forward trade in the minute leading up to each timestamp.
In the absence of outright trade, Argus will base its assessment on a formula comprising the second-month exchange of futures for phys-ical (EFP) differential, the North Sea forward physical front-month to second-month (intermonth) differential and a representative second-month Ice Brent futures value. Outright North Sea forward physical bids and offers will be taken into account if they fall within a range derived from the bid-offer spread on the second-month EFP market, the bid-offer spread of the North Sea forward physical intermonth market, and a representative second-month Ice Brent futures value.
The North Sea forward physical assessments are assessed indi-vidually, as follows:
The front-month North Sea forward physical value is assessed us-ing a volume-weighted average of trade taking place in the minute leading up to the timestamp and reported to Argus�no�more�than�10�minutes after the timestamp.
The second-month Ice Brent futures value is assessed using trade in the minute leading up to the timestamp, or if there is no activity, the last trade before the timestamp.
For the EFP and North Sea forward physical intermonth values, Argus takes into account reported trade or indications leading up to the timestamp. If there is a period without reported trade or indica-tions, Argus will base its assessments on activity in the preceding period.
No minimum transaction data threshold exists for these assess-ments as, in the absence of outright trade, Argus will make its as-sessment in accordance with the above methodology.
These�assessments,�including�the�16:30�London�time�assessment�for North Sea Dated, are different and distinct from the assessments published in the Argus Crude report.
